Current mortgage rates are down and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn’t directly impact today’s mortgage rates, they have been easing since the Fed began cutting rates in late 2024.

Any drop in mortgage rates is good news for homebuyers, but rates still remain high compared to a few years ago.

After swinging from a dramatic spring peak to a welcome summer low, mortgage rates are now holding steady—letting buyers potentially save hundreds each year.